UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-07478

 

Name of Fund: BlackRock MuniVest Fund II, Inc. (MVT)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniVest Fund II, Inc., 55 East 52nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 04/30/2012

 

Date of reporting period: 01/31/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 31, 2012 (Unaudited)

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.9%

 

 

 

 

 

 

 

Prattville IDB Alabama, RB,
International Paper Co. Project,
Series A, AMT, 4.75%, 12/01/30

 

$

3,025

 

$

2,996,958

 

Alaska — 1.1%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp.,
RB, Asset-Backed, Series A:

 

 

 

 

 

 

 

4.63%, 6/01/23

 

 

1,860

 

 

1,823,730

 

5.00%, 6/01/46

 

 

2,250

 

 

1,656,157

 

 

 

 

 

 

 

3,479,887

 

Arizona — 0.9%

 

 

 

 

 

 

 

Maricopa County IDA, RB, Arizona
Charter Schools Project, Series A,
6.75%, 7/01/29

 

 

1,000

 

 

686,090

 

Pima County IDA, RB, Arizona Charter
Schools Project, Series C, 6.75%,
7/01/31

 

 

1,900

 

 

1,900,760

 

Pima County IDA, Refunding RB, Charter
Schools II, Series A, 6.75%, 7/01/21

 

 

465

 

 

466,190

 

 

 

 

 

 

 

3,053,040

 

Arkansas — 0.5%

 

 

 

 

 

 

 

County of Little River Arkansas,
Refunding RB, Georgia-Pacific Corp.
Project, AMT, 5.60%, 10/01/26

 

 

1,660

 

 

1,665,246

 

California — 12.0%

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

St. Joseph Health System,
Series A, 5.75%, 7/01/39

 

 

2,200

 

 

2,412,366

 

Sutter Health, Series B, 6.00%,
8/15/42

 

 

3,170

 

 

3,651,967

 

California State Public Works Board, RB,
Various Capital Projects, Sub-Series I-
1, 6.38%, 11/01/34

 

 

1,185

 

 

1,367,881

 

Los Angeles Department of Airports, RB,
Series A, 5.25%, 5/15/39

 

 

800

 

 

890,424

 

Los Angeles Department of Airports,
Refunding RB, Senior, Los Angeles
International Airport, Series A, 5.00%,
5/15/40

 

 

5,930

 

 

6,555,911

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

2,525

 

 

2,999,246

 

6.50%, 4/01/33

 

 

14,925

 

 

18,356,854

 

5.00%, 10/01/41

 

 

3,050

 

 

3,302,540

 

 

 

 

 

 

 

39,537,189

 

Colorado — 2.0%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB,
Catholic Health Initiatives, Series D,
6.25%, 10/01/33

 

 

1,060

 

 

1,233,988

 

Colorado Housing & Finance Authority,
Refunding RB, S/F Program, Senior
Series A-2, AMT, 7.50%, 4/01/31

 

 

80

 

 

81,174

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado (concluded)

 

 

 

 

 

 

 

Plaza Metropolitan District No. 1
Colorado, Tax Allocation Bonds, Public
Improvement Fee, Tax Increment:

 

 

 

 

 

 

 

8.00%, 12/01/25

 

$

3,300

 

$

3,410,451

 

Subordinate, 8.13%,
12/01/25

 

 

820

 

 

796,983

 

University of Colorado, RB, Series A,
5.75%, 6/01/28

 

 

750

 

 

937,447

 

 

 

 

 

 

 

6,460,043

 

Connecticut — 1.9%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB:

 

 

 

 

 

 

 

Ascension Health Senior
Credit, 5.00%, 11/15/40

 

 

1,375

 

 

1,477,589

 

Wesleyan University, 5.00%,
7/01/35

 

 

3,385

 

 

3,815,403

 

Mohegan Tribe of Indians of
Connecticut, RB, Public Improvement,
Priority Distribution, 6.25%, 1/01/31

 

 

950

 

 

785,393

 

 

 

 

 

 

 

6,078,385

 

Delaware — 1.6%

 

 

 

 

 

 

 

County of Sussex Delaware, RB, NRG
Energy, Inc., Indian River Project,
6.00%, 10/01/40

 

 

1,125

 

 

1,166,332

 

Delaware State EDA, RB, Exempt
Facilities, Indian River Power, 5.38%,
10/01/45

 

 

4,065

 

 

4,105,325

 

 

 

 

 

 

 

5,271,657

 

District of Columbia — 2.2%

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB:

 

 

 

 

 

 

 

CAB, Second Senior Lien, Series B
(AGC), 7.05%, 10/01/33 (a)

 

 

6,590

 

 

2,185,244

 

CAB, Second Senior Lien,
Series B (AGC), 7.08%,
10/01/34 (a)

 

 

4,830

 

 

1,505,366

 

CAB, Second Senior Lien,
Series B (AGC), 7.10%,
10/01/35 (a)

 

 

6,515

 

 

1,863,616

 

First Senior Lien, Series A,
5.25%, 10/01/44

 

 

1,500

 

 

1,628,850

 

 

 

 

 

 

 

7,183,076

 

Florida — 3.8%

 

 

 

 

 

 

 

County of Miami-Dade Florida,
Refunding RB:

 

 

 

 

 

 

 

AMT (AGC), 5.00%, 10/01/40

 

 

2,475

 

 

2,536,132

 

Series A, 5.38%, 10/01/41

 

 

1,165

 

 

1,287,570

 

Fiddlers Creek Community Development
District No. 2, Special Assessment
Bonds, Series A, 6.38%,
5/01/35 (b)(c)

 

 

2,350

 

 

1,233,750

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND II, INC.

JANUARY 31, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Hillsborough County IDA, RB, National
Gypsum Co., Series B, AMT,
7.13%, 4/01/30

 

$

2,720

 

$

2,530,144

 

Mid-Bay Bridge Authority, RB, Series A,
7.25%, 10/01/40

 

 

2,265

 

 

2,420,447

 

Midtown Miami Community
Development District, Special
Assessment Bonds, Series A, 6.25%,
5/01/37

 

 

915

 

 

922,338

 

Palm Coast Park Community
Development District, Special
Assessment Bonds, 5.70%, 5/01/37

 

 

1,200

 

 

771,480

 

Preserve at Wilderness Lake
Community Development District, RB,
Series A, 7.10%, 5/01/33

 

 

855

 

 

862,627

 

 

 

 

 

 

 

12,564,488

 

Georgia — 4.3%

 

 

 

 

 

 

 

DeKalb Private Hospital Authority,
Refunding RB, Children’s Healthcare,
5.25%, 11/15/39

 

 

130

 

 

140,414

 

Fulton County Residential Care Facilities
for the Elderly Authority, Refunding
RB, Canterbury Court Project,
Series A, 6.13%, 2/15/26

 

 

2,000

 

 

1,942,640

 

Metropolitan Atlanta Rapid Transit
Authority, Sales Tax RB, Third
Indenture Series A, 5.00%, 7/01/39

 

 

3,465

 

 

3,771,133

 

Municipal Electric Authority of
Georgia, RB:

 

 

 

 

 

 

 

Series W, 6.60%,
1/01/18 (d)(e)

 

 

380

 

 

411,403

 

Series W, 6.60%, 1/01/18

 

 

5,520

 

 

6,276,240

 

Series X, 6.50%, 1/01/20

 

 

1,205

 

 

1,439,240

 

 

 

 

 

 

 

13,981,070

 

Guam — 0.7%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

630

 

 

693,202

 

6.75%, 11/15/29

 

 

895

 

 

952,763

 

7.00%, 11/15/39

 

 

615

 

 

651,371

 

 

 

 

 

 

 

2,297,336

 

Hawaii — 0.5%

 

 

 

 

 

 

 

State of Hawaii, Refunding RB, Series A,
5.25%, 7/01/30

 

 

1,355

 

 

1,510,852

 

Illinois — 15.3%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A:

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

2,110

 

 

2,390,799

 

5.00%, 12/01/41

 

 

695

 

 

744,060

 

City of Chicago Illinois, RB, O’Hare
International Airport, General, Third
Lien, Series C, 6.50%, 1/01/41

 

 

5,865

 

 

7,087,501

 

City of Chicago Illinois, Sales Tax RB,
Series A, 5.25%, 1/01/38

 

 

820

 

 

924,681

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

City of Chicago Illinois, Special
Assessment Bonds, Lake Shore East,
6.75%, 12/01/32

 

$

800

 

$

826,504

 

City of Chicago Illinois, Tax Allocation
Bonds, Kingsbury Redevelopment
Project, Series A, 6.57%, 2/15/13

 

 

300

 

 

300,138

 

City of Chicago Illinois Transit Authority,
Sales Tax Receipts RB, 5.25%,
12/01/40

 

 

1,050

 

 

1,171,160

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Advocate Health Care Network,
Series D, 6.50%, 11/01/38

 

 

5,000

 

 

5,787,100

 

Community Rehabilitation
Providers Facilities, Series A,
6.50%, 7/01/12 (e)

 

 

530

 

 

549,239

 

Community Rehabilitation
Providers Facilities, Series A,
6.50%, 7/01/22

 

 

470

 

 

428,800

 

Navistar International,
Recovery Zone, 6.50%,
10/15/40

 

 

1,540

 

 

1,634,094

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

Central DuPage Health, Series
B, 5.50%, 11/01/39

 

 

1,610

 

 

1,760,487

 

Friendship Village of
Schaumburg, Series A,
5.63%, 2/15/37

 

 

250

 

 

210,555

 

Metropolitan Pier & Exposition
Authority, Refunding RB, McCormick
Place Expansion Project (AGM):

 

 

 

 

 

 

 

Series B, 5.00%, 6/15/50

 

 

3,150

 

 

3,239,869

 

Series B-2, 5.00%, 6/15/50

 

 

2,500

 

 

2,570,450

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

1,335

 

 

1,523,128

 

6.00%, 6/01/28

 

 

1,140

 

 

1,278,305

 

Regional Transportation Authority, RB:

 

 

 

 

 

 

 

Series A (AMBAC), 7.20%,
11/01/20

 

 

1,260

 

 

1,534,856

 

Series A (NPFGC), 6.70%, 11/01/21

 

 

7,000

 

 

8,449,770

 

Series C (FGIC), 7.75%, 6/01/20

 

 

2,500

 

 

3,144,775

 

State of Illinois, RB, Build Illinois, Series
B, 5.25%, 6/15/34

 

 

630

 

 

697,618

 

Village of Hodgkins Illinois, RB, MBM
Project, AMT, 6.00%, 11/01/23

 

 

2,800

 

 

2,802,352

 

Village of Wheeling Illinois, Tax
Allocation Bonds, North
Milwaukee/Lake-Cook TIF Project,
6.00%, 1/01/25

 

 

1,450

 

 

1,411,850

 

 

 

 

 

 

 

50,468,091

 

Indiana — 2.4%

 

 

 

 

 

 

 

Indiana Finance Authority, RB:

 

 

 

 

 

 

 

Parkview Health System,
Series A, 5.75%, 5/01/31

 

 

3,295

 

 

3,661,141

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND II, INC.

JANUARY 31, 2012

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Indiana (concluded)

 

 

 

 

 

 

 

Indiana Finance Authority, RB
(concluded):

 

 

 

 

 

 

 

Sisters of St. Francis Health,
5.25%, 11/01/39

 

$

840

 

$

902,378

 

Wastewater Utility, First Lien,
CWA Authority Project,
Series A, 5.25%, 10/01/38

 

 

1,580

 

 

1,766,535

 

Indiana Finance Authority, Refunding
RB, Ascension Health Senior Credit,
Series B-5, 5.00%, 11/15/36

 

 

1,500

 

 

1,568,685

 

 

 

 

 

 

 

7,898,739

 

Iowa — 0.6%

 

 

 

 

 

 

 

Iowa State Student Loan Liquidity Corp.,
RB, Senior-Series A-1, AMT, 5.15%,
12/01/22

 

 

1,950

 

 

2,091,356

 

Kansas — 0.5%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB, Sisters of
Leavenworth, Series A, 5.00%,
1/01/40

 

 

1,660

 

 

1,769,311

 

Kentucky — 0.3%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, RB, Owensboro
Medical Health System, Series A,
6.38%, 6/01/40

 

 

1,010

 

 

1,115,202

 

Louisiana — 4.5%

 

 

 

 

 

 

 

Louisiana Local Government
Environmental Facilities & Community
Development Authority, RB, Westlake
Chemical Corp., Series A-1, 6.50%,
11/01/35

 

 

3,320

 

 

3,625,838

 

Port of New Orleans Louisiana,
Refunding RB, Continental Grain Co.
Project, 6.50%, 1/01/17

 

 

7,500

 

 

7,522,275

 

Sabine River Authority Louisiana,
Refunding RB, International Paper Co.
Project, 6.20%, 2/01/25

 

 

3,600

 

 

3,622,716

 

 

 

 

 

 

 

14,770,829

 

Maryland — 1.6%

 

 

 

 

 

 

 

County of Montgomery Maryland, GO,
West Germantown Development
District, Senior Series A (Radian),
6.70%, 7/01/27

 

 

1,155

 

 

1,181,218

 

Maryland Community Development
Administration, Refunding RB,
Residential, Series D, AMT, 4.90%,
9/01/42

 

 

1,500

 

 

1,514,040

 

Maryland EDC, RB, Transportation
Facilities Project, Series A, 5.75%,
6/01/35

 

 

435

 

 

448,750

 

Maryland EDC, Refunding RB, CNX
Marine Terminals, Inc., 5.75%,
9/01/25

 

 

830

 

 

860,312

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Maryland (concluded)

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, RB, University Of
Maryland Medical System, Series B
(NPFGC), 7.00%, 7/01/22

 

$

1,000

 

$

1,222,630

 

 

 

 

 

 

 

5,226,950

 

Massachusetts — 3.6%

 

 

 

 

 

 

 

Massachusetts Health & Educational
Facilities Authority, Refunding RB,
Partners Healthcare, Series J1,
5.00%, 7/01/39

 

 

1,805

 

 

1,924,563

 

Massachusetts HFA, HRB, Series A,
AMT, 5.20%, 12/01/37

 

 

2,895

 

 

2,965,146

 

Massachusetts HFA, RB, S/F, Series
130, AMT, 5.00%, 12/01/32

 

 

2,720

 

 

2,768,851

 

Massachusetts HFA, Refunding HRB,
AMT:

 

 

 

 

 

 

 

Series D, 4.85%, 6/01/40

 

 

1,770

 

 

1,786,408

 

Series F, 5.70%, 6/01/40

 

 

2,130

 

 

2,235,350

 

 

 

 

 

 

 

11,680,318

 

Michigan — 7.0%

 

 

 

 

 

 

 

City of Detroit Michigan, RB, Senior
Lien, Series B (AGM), 7.50%,
7/01/33

 

 

910

 

 

1,148,648

 

Flint Hospital Building Authority
Michigan, Refunding RB, Hurley
Medical Center (ACA), 6.00%,
7/01/20

 

 

2,465

 

 

2,478,434

 

Kalamazoo Hospital Finance Authority,
Refunding RB, Bronson Methodist
Hospital, 5.50%, 5/15/36

 

 

1,380

 

 

1,487,364

 

Michigan State Hospital Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

Henry Ford Health System,
Series A, 5.25%, 11/15/46

 

 

6,850

 

 

7,031,799

 

Mclaren Health Care, Series A,
5.75%, 5/15/38

 

 

8,560

 

 

9,271,250

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

1,400

 

 

1,731,268

 

 

 

 

 

 

 

23,148,763

 

Minnesota — 2.5%

 

 

 

 

 

 

 

Tobacco Securitization Authority
Minnesota, Refunding RB, Tobacco
Settlement, Tobacco Settlement,
Series B:

 

 

 

 

 

 

 

5.25%, 3/01/25

 

 

4,495

 

 

5,080,024

 

5.25%, 3/01/31

 

 

3,015

 

 

3,270,371

 

 

 

 

 

 

 

8,350,395

 

Mississippi — 1.4%

 

 

 

 

 

 

 

County of Lowndes Mississippi,
Refunding RB, Weyerhauser Co.
Project, Series A, 6.80%, 4/01/22

 

 

3,000

 

 

3,337,170

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND II, INC.

JANUARY 31, 2012

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Mississippi (concluded)

 

 

 

 

 

 

 

University of Southern Mississippi, RB,
Campus Facilities Improvements
Project, 5.38%, 9/01/36

 

$

1,065

 

$

1,196,208

 

 

 

 

 

 

 

4,533,378

 

Nevada — 0.2%

 

 

 

 

 

 

 

County of Clark Nevada, Special
Assessment Bonds, Special
Improvement District No. 142, Local
Improvement, 6.38%, 8/01/23

 

 

535

 

 

553,762

 

New Jersey — 4.0%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.50%, 6/15/24

 

 

2,420

 

 

2,437,569

 

Continental Airlines, Inc.
Project, AMT, 6.25%,
9/15/29

 

 

3,000

 

 

2,987,070

 

New Jersey Health Care Facilities
Financing Authority, RB, Pascack
Valley Hospital Association, 6.63%,
7/01/36 (b)(c)

 

 

1,680

 

 

17

 

New Jersey State Housing & Mortgage
Finance Agency, RB, Series AA,
6.38%, 10/01/28

 

 

1,200

 

 

1,328,556

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System:

 

 

 

 

 

 

 

Series A, 5.50%, 6/15/41

 

 

1,635

 

 

1,875,983

 

Series B, 5.25%, 6/15/36

 

 

2,460

 

 

2,767,869

 

Tobacco Settlement Financing Corp.
New Jersey, Refunding RB, Series 1A,
4.50%, 6/01/23

 

 

1,860

 

 

1,743,359

 

 

 

 

 

 

 

13,140,423

 

New York — 8.8%

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
RB, Series 2008C, 6.50%, 11/15/28

 

 

9,405

 

 

11,718,442

 

Metropolitan Transportation Authority,
Refunding RB, Transportation, Series
D, 5.25%, 11/15/40

 

 

1,205

 

 

1,336,345

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

British Airways Plc Project,
7.63%, 12/01/32

 

 

1,920

 

 

1,921,152

 

Series C, 6.80%, 6/01/28

 

 

690

 

 

714,909

 

Special Needs Facilities
Pooled Program, Series C-1,
6.50%, 7/01/17

 

 

890

 

 

892,412

 

New York City Transitional Finance
Authority, RB, Fiscal 2009, Series S-3,
5.25%, 1/15/39

 

 

6,700

 

 

7,409,463

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank
of America Tower at One Bryant Park
Project, 6.38%, 7/15/49

 

 

1,220

 

 

1,320,650

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

Port Authority of New York & New
Jersey, RB, JFK International Air
Terminal:

 

 

 

 

 

 

 

6.00%, 12/01/36

 

$

1,165

 

$

1,261,113

 

6.00%, 12/01/42

 

 

1,250

 

 

1,348,462

 

Westchester County Industrial
Development Agency New York, RB,
Special Needs Facilities Pooled
Program, Series E-1, 6.50%, 7/01/17

 

 

1,000

 

 

1,002,710

 

 

 

 

 

 

 

28,925,658

 

North Carolina — 1.5%

 

 

 

 

 

 

 

Gaston County Industrial Facilities &
Pollution Control Financing Authority
North Carolina, RB, Exempt Facilities
National Gypsum Co. Project, AMT,
5.75%, 8/01/35

 

 

1,675

 

 

1,369,229

 

North Carolina Medical Care
Commission, RB, Duke University
Health System, Series A, 5.00%,
6/01/42

 

 

1,400

 

 

1,488,144

 

North Carolina Medical Care
Commission, Refunding RB, Carolina
Village Project, 6.00%, 4/01/38

 

 

2,000

 

 

1,994,560

 

 

 

 

 

 

 

4,851,933

 

Pennsylvania — 3.6%

 

 

 

 

 

 

 

Allegheny County Hospital Development
Authority, Refunding RB, Health
System, West Penn, Series A, 5.38%,
11/15/40

 

 

4,250

 

 

3,466,045

 

Bucks County IDA, RB, Ann’s Choice Inc.
Facility, Series A, 6.13%, 1/01/25

 

 

880

 

 

882,886

 

Lancaster County Hospital Authority,
RB, Brethren Village Project, Series A,
6.50%, 7/01/40

 

 

2,000

 

 

2,043,680

 

Montgomery County IDA Pennsylvania,
MRB, Whitemarsh Continuing Care,
6.13%, 2/01/28

 

 

420

 

 

391,066

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

Aqua Pennsylvania Inc.
Project, 5.00%, 11/15/40

 

 

1,890

 

 

2,073,614

 

National Gypsum Co., Series B,
AMT, 6.13%, 11/01/27

 

 

2,000

 

 

1,751,380

 

Philadelphia Authority for Industrial
Development, RB, Commercial
Development, AMT, 7.75%,
12/01/17 (f)

 

 

1,265

 

 

1,266,480

 

 

 

 

 

 

 

11,875,151

 

Puerto Rico — 2.8%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.50%,
8/01/44

 

 

4,255

 

 

5,013,837

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND II, INC.

JANUARY 31, 2012

4


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, CAB, Series C, 6.25%,
8/01/39 (a)

 

$

18,670

 

$

4,347,683

 

 

 

 

 

 

 

9,361,520

 

South Carolina — 1.6%

 

 

 

 

 

 

 

South Carolina State Ports Authority,
RB, 5.25%, 7/01/40

 

 

3,280

 

 

3,622,235

 

South Carolina State Public Service
Authority, Refunding RB, 5.00%,
12/01/36

 

 

1,540

 

 

1,743,049

 

 

 

 

 

 

 

5,365,284

 

Tennessee — 0.3%

 

 

 

 

 

 

 

Johnson City Health & Educational
Facilities Board, RB, Appalachian
Christian Village Project, Series A,
6.00%, 2/15/24

 

 

1,000

 

 

994,050

 

Texas — 9.2%

 

 

 

 

 

 

 

Brazos River Authority, Refunding RB,
Texas Utility Co., Series A, AMT,
7.70%, 4/01/33

 

 

1,500

 

 

273,810

 

Brazos River Harbor Navigation District,
Refunding RB, Dow Chemical Co.
Project, Series A7, AMT, 6.63%,
5/15/33

 

 

3,000

 

 

3,043,560

 

Central Texas Regional Mobility
Authority, RB, Senior Lien, 6.25%,
1/01/46

 

 

2,140

 

 

2,290,720

 

City of Dallas Texas, Refunding RB,
Waterworks & Sewer System, 5.00%,
10/01/35

 

 

1,510

 

 

1,721,597

 

City of Houston Texas, RB, Special
Facilities, Continental Airlines, Series
E, AMT, 6.75%, 7/01/21

 

 

4,820

 

 

4,845,112

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.25%, 12/01/35

 

 

2,000

 

 

2,379,880

 

North Texas Tollway Authority,
Refunding RB, First Tier, Series A,
6.25%, 1/01/39

 

 

7,000

 

 

7,889,140

 

Texas Private Activity Bond Surface
Transportation Corp., RB, Senior Lien:

 

 

 

 

 

 

 

LBJ Infrastructure Group LLC,
LBJ Freeway Managed
Lanes Project, 7.00%,
6/30/40

 

 

3,950

 

 

4,449,517

 

NTE Mobility Partners LLC,
North Tarrant Express
Managed Lanes Project,
6.88%, 12/31/39

 

 

3,000

 

 

3,336,930

 

 

 

 

 

 

 

30,230,266

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

US Virgin Islands — 1.8%

 

 

 

 

 

 

 

United States Virgin Islands, Refunding
RB, Senior Secured, Hovensa Coker
Project, AMT, 6.50%, 7/01/21

 

$

6,000

 

$

6,000,060

 

Utah — 0.9%

 

 

 

 

 

 

 

City of Riverton Utah, RB, IHC Health
Services Inc., 5.00%, 8/15/41

 

 

2,780

 

 

2,993,087

 

Virginia — 1.2%

 

 

 

 

 

 

 

Fairfax County EDA, Refunding RB,
Goodwin House Inc:

 

 

 

 

 

 

 

5.13%, 10/01/37

 

 

500

 

 

509,685

 

5.13%, 10/01/42

 

 

3,440

 

 

3,494,662

 

 

 

 

 

 

 

4,004,347

 

Washington — 2.0%

 

 

 

 

 

 

 

Washington Health Care Facilities
Authority, RB, Swedish Health
Services, Series A, 6.75%, 11/15/41

 

 

1,980

 

 

2,323,233

 

Washington Health Care Facilities
Authority, Refunding RB, Catholic
Health Initiatives, Series D, 6.38%,
10/01/36

 

 

3,700

 

 

4,305,912

 

 

 

 

 

 

 

6,629,145

 

Wisconsin — 4.1%

 

 

 

 

 

 

 

State of Wisconsin, Refunding RB,
Series A, 6.00%, 5/01/36

 

 

7,100

 

 

8,437,498

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

Ascension Health Senior Credit
Group, 5.00%, 11/15/33

 

 

2,465

 

 

2,674,796

 

SynergyHealth Inc., 6.00%,
11/15/32

 

 

2,215

 

 

2,287,032

 

 

 

 

 

 

 

13,399,326

 

Total Municipal Bonds – 114.1%

 

 

 

 

 

375,456,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)

 

 

 

 

 

 

 

Arizona — 0.8%

 

 

 

 

 

 

 

Salt River Project Agricultural
Improvement & Power District, RB,
Series A, 5.00%, 1/01/38

 

 

2,450

 

 

2,682,815

 

California — 6.3%

 

 

 

 

 

 

 

Bay Area Toll Authority, Refunding RB,
San Francisco Bay Area, Series F-1,
5.63%, 4/01/44

 

 

3,271

 

 

3,700,849

 

California Educational Facilities
Authority, RB, University of Southern
California, Series B, 5.25%,
10/01/39

 

 

2,610

 

 

2,927,141

 

Los Angeles Community College District
California, GO, Election of 2001,
Series A (AGM), 5.00%, 8/01/32

 

 

2,290

 

 

2,504,825

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND II, INC.

JANUARY 31, 2012

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

San Diego Community College District
California, GO, Election of 2002,
5.25%, 8/01/33

 

$

1,077

 

$

1,236,173

 

San Francisco City & County Public
Utilities Commission, RB, Series B,
5.00%, 11/01/39

 

 

9,480

 

 

10,471,323

 

 

 

 

 

 

 

20,840,311

 

Colorado — 0.7%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Series A, 5.50%,
7/01/34

 

 

2,129

 

 

2,357,132

 

Connecticut — 2.0%

 

 

 

 

 

 

 

Connecticut State Health & Educational
Facility Authority, RB, Yale University,
Series Z-3, 5.05%, 7/01/42

 

 

6,000

 

 

6,708,840

 

Florida — 1.9%

 

 

 

 

 

 

 

County of Miami-Dade Florida, RB,
Water & Sewer System, 5.00%,
10/01/34

 

 

5,679

 

 

6,310,928

 

Illinois — 1.4%

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
Second Lien (AGM), 5.25%,
11/01/33

 

 

1,320

 

 

1,433,335

 

Illinois State Toll Highway Authority, RB,
Series B, 5.50%, 1/01/33

 

 

2,999

 

 

3,302,389

 

 

 

 

 

 

 

4,735,724

 

Maryland — 0.8%

 

 

 

 

 

 

 

Maryland State Transportation
Authority, RB, Transportation Facility
Project (AGM), 5.00%, 7/01/41

 

 

2,290

 

 

2,513,412

 

Massachusetts — 5.0%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Senior, Series B,
5.00%, 10/15/41

 

 

4,530

 

 

5,136,703

 

Massachusetts School Building
Authority, Sales Tax RB, Series A
(AGM), 5.00%, 8/15/30

 

 

10,000

 

 

11,165,200

 

 

 

 

 

 

 

16,301,903

 

New Hampshire — 0.7%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, Refunding RB,
Dartmouth College, 5.25%, 6/01/39

 

 

2,009

 

 

2,298,938

 

New York — 11.1%

 

 

 

 

 

 

 

Hudson New York Yards Infrastructure
Corp., RB, 5.75%, 2/15/47

 

 

1,610

 

 

1,819,162

 

New York City Municipal Water Finance
Authority, Water & Sewer System, RB:

 

 

 

 

 

 

 

Series DD, 5.00%, 6/15/37

 

 

6,299

 

 

6,875,729

 

Series FF-2, 5.50%, 6/15/40

 

 

1,575

 

 

1,812,955

 

New York Liberty Development Corp.,
RB, 5.25%, 12/15/43

 

 

10,740

 

 

12,200,962

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

New York Liberty Development Corp.,
Refunding RB, 5.75%, 11/15/51

 

$

6,440

 

$

7,328,269

 

New York State Dormitory Authority,
ERB, Series F, 5.00%, 3/15/35

 

 

5,789

 

 

6,283,214

 

 

 

 

 

 

 

36,320,291

 

North Carolina — 2.0%

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, Refunding RB, Duke
University Project, Series A, 5.00%,
10/01/41

 

 

6,239

 

 

6,694,256

 

Ohio — 5.4%

 

 

 

 

 

 

 

Ohio Higher Educational Facility
Commission, Refunding RB, Hospital,
Cleveland Clinic Health, Series A,
5.25%, 1/01/33

 

 

2,400

 

 

2,592,000

 

State of Ohio, Refunding RB, Cleveland
Clinic Health, Series A, 5.50%,
1/01/39

 

 

13,843

 

 

15,156,251

 

 

 

 

 

 

 

17,748,251

 

South Carolina — 1.7%

 

 

 

 

 

 

 

South Carolina State Public Service
Authority, RB, Santee Cooper, Series
A, 5.50%, 1/01/38

 

 

4,995

 

 

5,679,415

 

Texas — 3.2%

 

 

 

 

 

 

 

Metropolitan Transit Authority of Harris
County Texas, RB, Sales and Use Tax
Bonds, Series A, 5.00%, 11/01/41

 

 

3,400

 

 

3,842,034

 

Texas Department of Housing &
Community Affairs, MRB, Series B,
AMT (Ginnie Mae), 5.25%, 9/01/32

 

 

3,451

 

 

3,562,818

 

Texas State University Systems,
Refunding RB (AGM), 5.00%,
3/15/30

 

 

2,743

 

 

2,934,860

 

 

 

 

 

 

 

10,339,712

 

Washington — 5.6%

 

 

 

 

 

 

 

Central Puget Sound Regional Transit
Authority, RB, Series A:

 

 

 

 

 

 

 

5.00%, 11/01/34

 

 

4,500

 

 

4,928,355

 

5.00%, 11/01/36

 

 

4,500

 

 

4,928,355

 

(AGM), 5.00%, 11/01/32

 

 

7,693

 

 

8,530,359

 

 

 

 

 

 

 

18,387,069

 

Wisconsin — 0.8%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

2,499

 

 

2,660,271

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 49.4%

 

 

 

 

 

162,579,268

 

Total Long-Term Investments
(Cost – $490,952,823) – 163.5%

 

 

 

 

 

538,035,839

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND II, INC.

JANUARY 31, 2012

6


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.01% (h)(i)

 

 

7,869,279

 

$

7,869,279

 

 

 

 

 

 

 

 

 

 

 

Par
(000)

 

 

 

 

Michigan Finance Authority, RB,
SAN, Detroit Schools, Series A-1,
6.45%, 2/20/12

 

$

3,255

 

 

3,255,000

 

Total Short-Term Securities
(Cost – $11,124,279) – 3.4%

 

 

 

 

 

11,124,279

 

Total Investments (Cost - $502,077,102*) 166.9%

 

 

 

 

 

549,160,118

 

Other Assets Less Liabilities – 1.5%

 

 

 

 

 

4,718,612

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (25.8)%

 

 

 

 

 

(84,873,290

)

Preferred Shares, at Redemption Value – (42.6)%

 

 

 

 

 

(140,000,000

)

Net Assets – 100.0%

 

 

 

 

$

329,005,440

 

 

 

 

 

*

As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

 

 

 

Tax Cost

 

$

418,245,797

 

Gross unrealized appreciation

 

$

51,546,333

 

Gross unrealized depreciation

 

 

(5,477,941

)

Net unrealized appreciation

 

$

46,068,392

 

 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(b)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(c)

Non-income producing security.

 

 

(d)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(e)

US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(f)

Variable rate security. Rate shown is as of report date.

 

 

(g)

Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(h)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

 

Shares
Held at
April 30, 2011

 

 

Net
Activity

 

 

Shares
Held at
January 31,
2012

 

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

5,653,323

 

 

2,215,956

 

 

7,869,279

 

$

991

 

 

 

(i)

Represents the current yield as of report date.

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

FGIC

Financial Guaranty Insurance Co.

Ginnie Mae

Government National Mortgage Association

GO

General Obligation Bonds

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

IDB

Industrial Development Board

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

Radian

Radian Financial Guaranty

RB

Revenue Bonds

SAN

State Aid Notes

S/F

Single-Family

 

 

•

Financial futures contracts sold as of January 31, 2012 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

    72

 

 

10-Year
US
Treasury
Note

 

 

Chicago
Board
of Trade

 

 

March
2012

 

$

9,522,000

 

$

(126,137

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND II, INC.

JANUARY 31, 2012

7


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniVest Fund II, Inc. (MVT)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of January 31, 2012 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

538,035,839

 

 

—

 

$

538,035,839

 

 

Short-Term Securities

 

$

7,869,279

 

 

3,255,000

 

 

 

 

 

11,124,279

 

Total

 

$

7,869,279

 

$

541,290,839

 

 

—

 

$

549,160,118

 

 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(126,137

)

 

—

 

 

—

 

$

(126,137)

 

 

 

 

 

2

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND II, INC.

JANUARY 31, 2012

8

Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BlackRock MuniVest Fund II, Inc.
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniVest Fund II, Inc.
   
  Date: March 23, 2012
   
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniVest Fund II, Inc.
   
  Date: March 23, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniVest Fund II, Inc.
     
  Date: March 23, 2012